What Does Intellectual Property Mean in Business?

Property is usually a term that’s easy to define. But unlike property in real estate, property in business can be a little more difficult to define. Intellectual property is a common term, but it is misunderstood. Learn everything you need to know about intellectual property in business.

Defining Intellectual Property

As you might expect, intellectual property is a valuable asset that comes from the mind. For instance, inventions are intellectual property. The same is true of literary works, paintings, logos, names, and designs. If the ideas have commercial value, then they are business intellectual property.

Unfortunately, having a great idea isn’t enough to make it yours. To own intellectual property, you need to take legal action. You must find a way to legally own your idea. Only then does it become valuable, because no one else can use your idea.

Intellectual property law is a unique area of law that gives individuals a way of protecting their small business ideas and concepts. But there are several types of protection, and each method is appropriate for different ideas. A patent attorney in Orlando can help you learn about your options for protecting your property.

Ways to Protect Intellectual Property

Protecting your intellectual property isn’t easy. Unlike land or items, intellectual property is not tangible. It involves thoughts and concepts. For that reason, there are strict regulations regarding protection of intellectual property.

1. Trademark

If you have a certain good or service that you want marked as your own, you can get a trademark. It’s key when it comes to branding; your trademark could separate you from your competitors.

Typically, a trademark is a word, phrase, design, or symbol. For instance, a slogan is a trademark. A logo can also be a trademark. However, a trademark must meet certain criteria. It needs to be distinctive.

A trademark does not expire after a certain time. In fact, it can last for a lifetime. As long as you actively use your trademark, it remains yours.

2. Patent

If you have an invention, you should consider getting a patent. A patent gives you ownership of your invention. With one, you can choose to keep your invention as your own property or to sell it. You or whoever you sell the patent to has rights to the invention.

Although a patent can be very useful, it can be difficult to obtain. You can’t just write a short summary of your invention and submit it for patent. Rather, you need to have many of the details in writing. You also need artwork showing the design of your invention. While a prototype can improve your chances of a patent, it is not always necessary.

If your invention is in the early stages, you can apply for a provisional patent. This type of patent gives you a year to develop your idea and seek a full patent. A patent lawyer in Orlando can help you evaluate your options

3. Copyright

Copyright gives you rights to your works of writing or works of art. Most commonly, it protects works like books, sculptures, films, technical drawings, and advertisements.

Every type of intellectual property has its own merits. However, you need to choose the right method of protection. Once you do, you can keep your intellectual property in your possession.